Question: CONFIDENTIAL 2 Question 1 Define and explain with examples the following in your own words: a. Asset (2 marks) b. Liabilities (2 marks) c. Profits

CONFIDENTIAL 2 Question 1 Define and explain with examples the following in your own words: a. Asset (2 marks) b. Liabilities (2 marks) c. Profits (2 marks) d. Equity (2 marks) e. Transactions (2 marks) (Total 10 marks) Question 2 Copy and complete the table below for the following transactions: (1 mark for each question) Effects of transaction on Transaction Assets Owner's Liabilities equity a Commenced business with 50,000 50,000 cash RM50,000 b. Borrowed money from friend RM7,000 C Bought equipment worth RM3,000 o d Bought goods valued at RM6,000 by cash e Take out good worth RM400 for private use Settled the amount owing for the equipment bought Repaid loan taken from a friend with cash RM7,000 h Paid rental RM500. Paid insurance RM900. j Bought motor vehicle by cash RM20,000. K Paid deposit for utility RM300 (Total 20 marks) NEXT PAGE CONFIDENTIAL

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